REGISTERED COMPANY IYUMBER: 01276976 (England and Wale5) REGISTERED CHARITY F4UMBER.. 505609 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST LIfvUTED (THE) Xeinadin Audit Limited (StsMtory Auditor) 24 IAmrn Street SA313AL
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST LIMITED (THE) CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trllstees I to 5 Report of the Independent Auditors Statement of Financial Aetivities io Balance Sheet li Cash Flow Statement 12 Notes to the Cash Flow Statement 13 Notes to the Finaneial Statements 14 to 26
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST LIMITED (THE) (REGISTERED NUMBER: 01276976) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of the cFtarity for the purposes of the Companies Act 2006, present their report with the financial statements of the cIwity for the year ended 31 March 2024. Tbe trustees have adopted the provisions of . , Aooounting. and Reports. by, Cljarities: Statement of R0MMended Prnti¢e applicable to charities preping their ' accounts in accordance with the Financial Reporting Stanilard applicable in the UK and RepubIic of freland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and aims The object for which the Trust is established is to advance the education of the public in archaeologl. The powers by which it may do this are set out in tbe Articles. These include: being able to undertake, prepare or promote archaeological research, excavations, surveys, reports and advice and for any consequent or similar activities. to publish or otherwise distribute inforniation. to aange for the safe-keeping of all records arising from such objects and for their ¢ventual deposition. to alrdnge for the safe-keeping of all materials and objects recovered as a result of such archaeological work, arf where appropriate, to arrange for their eventual deposition andlor display. In 2008 The Trust established a separate tnLSt the GGAT HER Charitable Trust to hold much of this data and has made transfers to it under Deeds. The object of the GGAT HER Charitable Trust is for the benefit of the public to advance the education of the publi¢ in archaeology by pmmoting and undertaking the ¢reatii)n mainfrnance repair up-dating safe keeping disseminatioll and publication of records relating to archaeology and the historic environtnent. Th¢ powers by which it may do this ale set out in the GGAT HER Clwitable Tnt DeeiL These include: the safe keeping of records resulting from atchaeological work and where appropriate to amge for their eventual deposition. the safe keeping of materials and obje¢ts recovered as a result of archaeological wo& and, whe appropriate, to arrange for their eventual depositton. to promote and encourage the objects of the cl)arity by means of tbe circulation of all forms of printed lltter and to print publish and sell books papers circulars and periodi¢a]s requisi for that purpose. Significant activities On 31st March 2024. Glamorgan-Gwent Archaeological Tn( along with CIMyd-Powys Archaeological Trnst aud Gwynedd Archaeological Trst merged into the TnLSt for Welsh Archaeology (recipient ¢harity), fornierly as Dyfed Arcbaeological Trust ¢harity number 504616 The TnLSt for Welsh Archaeology has adopted the trading name Heneb. It is registered with Companies House aud the Charity Commission as The Trust for WeIsh Arcbaeology. Public benefit The Trustees are aware of their responsibilities in ensuring that the Trust delivers identifiable benefits to the public in accord with the established object and pennitted activities. Our report here complies with the Charity Commission's guidance on reporting public benefit it provides detsils of poSeS and objectives, a review of significant activities undertaken by the charity to carry out its charitable purposes for the public benefit, detaiIs of strategles adopted and activities undertaken to achieve our putposes and objectives and detaiIs of tbe achievements by reference to the purposes and objectives. The TnteeS have complied with their duty to have due regard to the conllnission's public benefit guÉdance when exercising any powers or duties to wbich the 8uidance is TelevanL We have identified the values that our beneficiaries should expecL These are centred on three generic w8er groups: Users who need advice about archaeology" Users who need inforn]ation about archaeology. Users who participa* in what we Page I
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST LIMITED (THE) (REGISTERED NUMBER: 01276976) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRATEGIC REPORT Achievement and performance Charitable activities Ihis sun]mary of aclivity,reflectsi.wide rang6 O£.a1Vity.rOM th& we.GOvernment yia Cadwsupported projects. the. , core three Advisory projects of which are the Historic Environmeat Rerd work Archaeological Plannillg Management work and Heritage Management worK to the commercial field serYi¢es work Staff are ¢onimitted to continuing to uphold the CIfA Standards and senior staff are MClfA acCdited. Historic Environment Record Over the year, the Historic Environtnent Record staff have maintained 241.380 record4 with more tban 13.000 records added, and more than 38,500 re¢ords edited. There were 396 responses to Ènquiries for ithnnation (194 HE 202 non-HER enquiries). In addressing the bac0g, 401 reports were Temoved from the [G[Jr. resulting in the creation of 673 Event records, 1,081 Core records. and 21,632 amendn]ents to existing reconts. The Rivers project added over 2.000 new sites to the HE and the Farmstead project added over 1,700 new sites. Archaeological Planning Management Over the year, 11,441 applications were subnTritted to the 12 UAS in GGAT'S regio and of these 1,352 planlling applications subject to detailed apprdisal. Via the planning process 268 applications required Conditions for works to mitigate the impa¢t of development on the historic environment. Tbis involved the monitoring and appmvaI of 89 Written Scbemes of Investigatio from which arose 120 Fal reports on field work being monitored and approved. At the year end, 25 Developments of Nattonal Significance (DNS) were live and ongoing cases, for major development and infrastrncture. Additional to these, 116 developments were considered through pre-planning discussions, by Consultstioll from UA4 developers. or their archaeologists. These relate prinwily to large scale residential developmenL wind farms, solar farnls, or infrastrncture projects for rail and road. Consultsiions from the twelve Unitary Authoriti&8' Local Development Plans, Regiox)al Development Plans and the upconimg Strategtc Development Plans at all stages of the Plan process from strdtegic to candidate sites were responded, to, with over 300 sites in the Vale of Glamorgan responded to. IIeritage Management The consultations received relate to non-planning land use change, and are mainly the result of NRW forestry planning and felling works. 251 consultations for direct or indirect potential impacts were coA)sidered and advice provided for mitigation appropriate to the nature, location and scale of the proposals. Whilst these proposed land-use change and other matters affecting the hlstoric environment are generally outside the planning regime. there were some CaSIOnS when planning ¢onscnt w&$ also required. Commereial Fleld Services The Field Services team have worked on 119 assessments, evaluation8 ex¢avations, surveys> building recordings and watching-briefs. These were undertaken acmss the region and involved multi period sites from pre-historic to modern. As a result of these works. 78 reports were produced. Engagement and Outreach Staff undertook and completed more thall 8(X) IUrS of work experience and provided training to community groups to understand and record historic assets. particularly those under treat from erosion. Relationships were built with groups across the regio and will be extended by contacting and working with other existing groups. As of year en4 more than 300 people had participated in the planned activities and events. Page 2
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST LIMITED (THE) (REGISTERED NUMBER: 01276976) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STRATEGIC REPORT Financial review Financial position InGome for the YEar.1]nG[eaSedMarg1llally by Q.5I0.to £7.6629.4_. . The organisation reported a net deficit of £332,284 wbich included the donation of £295,531 made to the merged entity. After tbe actLwial gain of £155,000 was accounted for, there an overdll net deficit in funds of £177,284. The net asseÉs and liabilities of GGAT were transferred to the merged entity. The Trust for Welsh Archaeology on 31 March 2024. Reserves policy The Trustees, policy is to establish a position where the Tnt holds sufficient reserves, as a genernl fim(L to meet the liability of the Trust and, where appropriate, to e5tablisb additional fun(ts for fitture initiatives or development. As at 31 March 2024 all fid8 were trallsf¢d to the merged entity. Going concern Attention is drawn to Note I l of the a¢¢ounts STRUCTURE, GOVERNANCE AND mANAGE1r Governing docujnent The charity is controlled by its governing do¢umenl a deed of trusL and constiiutes a limited company, limited by guarantee, as defmed by the Companies Act 2006. The pu0$¢ of the body, its organisation and the powers and duties of governance are set out in the Memoraodum and Articles of Association of Glamorgan-GweDt Archaeological Trust Lin)ite41 SubscnijS to the Memorandum signed the governing document on 12 August 1976. The company was fornwlly incorpofdted on 13 September 1976 and registered with the Charity Commission . shortly aftenvards. The Articles were most recently allded by a special resolution dated 8 February 2014. Recruitment and appointment of new trustees All Trustees must be Members, except that the Trustees may appoint a single Tntstee (who is not a Member) duly qualified to provide expert advice to fill a vacancy up to the next Annual Genernl Meeting. The Trnstees may appoint a Member of the Tnl (whom the Trustees reasonably consider to be a petson suitsble and qualified to act) as a Trnstse. In filling vacancies, the Board of Trnstees looks to widen the range of available expertise. Any Menther so appointed shall retain oifice until Éhe next Annual General Meeting, but then be eligible for re-appointment by the MeEnbeTS. The Members may, by ordinary resolutio at an Annual General Meeting, elect a member to become a Trnstee. TnteeS are elected for a terni of three years running from the time of appointment by the Membern at an Annual Genernl Meeting but may on conlpletion stand for up to two further tern to a maximum of nine years, after wbich they are ineligible to serve as Trusfre until the expiry of a furtber three years from the end of the nine-year perio Induetion and training of new trustees Prior to appoxn1Jnent new TnteeS are provided with a job description and infOrntiOll packs detailing Tnlst constitution, slructute. key Current objectives, and Copi of recent Annual Reports and Accounts, as well as literature on the responsibilities of being Charity Trustees. Each new Tntee is required to make a signed declaration of commitment and qualification for Trusteeship. An indu¢tion includes a review of Cooally1¢barlty history> structure and organisatio role of the trustees, trust business cycles staffing, policies, fioan¢ial management and control practices, forward strdtegies, current operations plan. and the purpose and function of the GGAT HER Charitable Tnlst. New Trustees aTe introduced to staff. Documellts are provided in a digitsl handbook. Tntstees are made aware of the wide range of guidance available from the Charity Commission in both hard copy aud digital forms. REFERENCE AND ADMINISTRATIVE DETA]LS Registered Company number 01276976 (England and Wales) Page 3
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST LIIIUTED (THE) (REGISTERED NUMBER: 01276976) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Registered Charity number 505609 ,Reglstered offiets. The Corner House 6 Carmarthen Street Llandeilo SA19 6AE Trustees Mr N Clubb Mr H S Owen-john (appointed 18.10.23) Mr S R Williams (appointed 31.3.24) Mr C lones-Jenkins (resigned 31.3.24) Ms C Jones (resigned 31.3.24) Mr J Lewis (resigned 31.3.24) Allditors Xeinadin Audtt Limited (Statutory Auditor) 24 Lamma5 Street Carnwthen CaMrthenShjre SA313AL STATEMENT OF TRUSTEES• RESPONStBILITIES The trustees (who are also the directors of Glamorgan-Gwent Archaeological TnJsÉ Limited (The) for the purposes of company law) are responsible for preparing the Report of the Trustees and the fillallC statements in accordance with applÈcable law and United Kingdom Accounting Standards (United Kingdom Generdlly Accepted Accounting Prdctice). Company law requires the tThstees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expellditure, of the charitable con]pany for that period. In preparing those financial statements, the trustees are required to select suitsble a¢counting policies and then apply theEll CODSiStently, observe the methods alld principles in the Charity SORP. make judgements and estin]ates that are reasonable and pwdent. prepare the financial statements on the going concern basis unless it is inappropriate to presume that the clwitable ompany will ¢ontinue in business. The tntee5 are responsible for keeping proper accounting records which disclose with re&sonable a¢¢ut7cy at any time the fman¢ial position of the charitable company and to enable them to ensure that the financial statements comply with the Cotnpanies Act 2006. They are also responsible for safeguardmg the assets of the charitable company and hen¢e for taking reasonable steps for the prevention and detection of fraud and other irtegulatitieg. In so far as the trnstees are avrare: there is no relevant audit inforniation of which the charitable CoMpanS auditors are unaware. and the trnstees bave taken all steps that they ought to have taken to make then)selves aware of ally relevant audit inforn]ation and to establish that the auditors are aware of that inforn]ation. Page 4
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST LIMITED (THE) (REGISTERED NUMBER: 01276976) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 AUDrroRS The auditors, Xeinadin Audit Limite( will be proposed for Te-apID1rnent at the forthcoming Annual General Meeting. Report of the trus ' directors, on ..la/ inco orating a strategi¢ repoEL approved by order of the board of trst. &$ the company %d2fv. and signed on th'e boards behalf by:" Tntee Page 5
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GLAMORGAYJ -GWENT ARCHAEOLOGICAL TRUST LIMITED (THE) Opinion We have audited the financial statements of Glamopgan-Gwent Archaeological Tn]st Limited (The) (the '¢]Jaritsble companio) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balan¢e SheeL tlje Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that bas been applied in their preparation is applicable law and United Kingdom Accounting Standard5 (United Kingdom Generally Accepted Accounting Practice). In our opinion the fmancial statements: give a trne and fair vlew of the state of the charitable cOnallS affairs as at 31 March 2024 and of its incoming resources and application of resources. including its income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generdlly Accepted Accoullting Practice. and have been Prepared in accordance with the requirements of the Con]panies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) OSAS (tIK)) and applicable law. Our responsibilities under those standards are fiwtber descnl)ed ill the Auditors, responsibilities for the audit of the financial statements section of our reporL We are independent of the cl)aritable company in accordance with the ethical requirements that are relevaat to our audit of the financial statements in the including the FRC'S Ethical Standard, and we have lfilled our other etbical responsil)ilities in accordallce with th&se reqUirents. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinio Conclusions relating to going concern We dTaw attention to Note I l in the fmancial statements which explains tbat activities of the charity have been transfetted to a merged entity and therefore do not COTLsider it to be appropriate to adopt the going ¢oncern basis of accounting in preparing the financial statements. Ac¢ordingly the financial statements have been prepared on a basis other than going concern as described in Note I l. Our opinion is not modified in respect of this matter. Other information The tSteeS are responsible for th¢ other inforniation. The oth¢r inforniation comprises the inforniation included in the Annual Report, other than the financxal statements and our Report of the IDdependent Auditors thereon. Our opinion on the fllMn¢ial statements does not cover the other inforntiOn an except to the extellt othenvise explicitly stated in our report, we do not express any forni of assurance conclusion thereo In connection with our audlt of the financial statements. our responsibility is to read the other infornmtion and, in doing so, consider whether the other infornmtion is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially mi&8tated. If we identify such material inconsistencies or apparent material misstatements, we are required to detemiine vthether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we bave perfor we conclude that there is a material Tnisstatement of this other inforniation. we are Tequired to report that facL We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in tbe Course of the audiL' the information given in the Report of the TneeS for the flljancial year for wlJi¢h the financAal statements are prepared is Consistent with the financial statements. and the Report of the Tnte¢S has been prepared in a¢¢ordance with applicable legaI requirements. Page 6
REPORT OF THE INDEPEIYDENT AUDITORS TO THE MEMBERS OF GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST LIMITED (THE) Matters on whieh we are required to report by exception In the light of tbe knowledge and underntanding of the charitable company and its environment obtained in the course of the audiL we have not identified mataial m]tatellts in the Report of the Tntee5. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: adequate accounthig records have not béen kept or rethiis adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreement with the accounting ordS and returns. or certain dis¢losures of tnlee$, remuneration spe¢ified by law are not made" or we have not received all the infOrntiOll aud explanations we require for our audiL Responsibilities of trustees A5 explained more thlly in the Statement of Tntees, ResponsibilÈtie4 the trustees (who are also the directors of the charitable company for the purposes of company law) are responsiljle for the preparaÉion of the financial statements and for being satisfied that they give a ttue and fair view, and for such internal ¢ontrol as the tNstees deterniine is necessary to enable the preparation of financial ststements that are free from material misstatemenL whether due to fi2ud or error. In preparing the financial statements, the trustees are responsible for asSIng the ¢haritable companvs ability to Continue as a going Conce disclosing, as app1[ble, matters related to going ¢on¢ern and using the going concern basis of accounting unless the tnL8tees either intend to liquidate the charitable company or to ¢e&se operdtions, OT have no realistic alternative but to do so. Page 7
REPORT OF THE INDEPENDENT AUDrroRS TO THE MEMBERS OF GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST LIMITED (THE) Our responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial stateDts as a whole are free from material misstatement, whether due lo fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee tbat an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstalements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be exwted to infiuen¢e the economic OeGiSiODS of users taken on the basis of these fitsncial statements. The extent to which our procedures are Capable of detecting irregularities, including fraud is detsiled below. Extent to Trvhich the audlt was considered capable of detecting irregularities, including fraud We identify and assess the rtsks of nmterial misstatement of the financial statements, whether due to fraud or emr. and then design and perforn] audit procedures responsive to those risks, including obtailling audit evidence that is sufficient alld appropriate to provide a basis for our opinio Identifying 2nd assessing potential risks related to irregularities In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the followitig: - the nature of the industy and sectOT, control enviromnent and business perfonnance including the design of the Charitys Temuneration policies and perforn)an¢e tsrgets. - results of our enquiries of management about their own identification and assessment of the risks of irregularities. - any matters we identified having obtsined and reviewed the Cljaritys doentatiOn of their policles and procedures relating to: - identifying, evaluating and complying with laws and regulatio% and ether they were aware of any instances of noncompliance. - detecting and responding to the risks of fraud and whetlw tlw have knowledge of any actual? suspected or alleged frau(L' - the internal controls establÈshed to mitigate risks of fraud or non-compliance with laws and regulatiojjs; - the tter& discussed among the audit engag¢ll1t team regarding how and whe fraud might occur in the financial statements and anypotentiaI Indicato of fraud. As a result of these procedures, we considered the opportunities and incentives tbat may exist witbin the organisation for fraud and identified the greatest potential for frdud in relation to revenue recognitioL In common with all audits ullder ISAS (UK), we are also required to perforni specific procedures to respond to the risk of ngement override. A further description of our respo811]It1cS for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresp)nsibilities. This description forms part of our Report of the Independent Auditors. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF GLIlMORGAN-GWENT ARCHAEOLOGICAL TRUST LIMITED (THE) Use of our report This report is made solely to the charitable CoMpanS members, &s a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work Iw been undertaken so that we migbt state to the charitable compan3Hs members those matters we are required to slate to them in an auditors, report and for no other purpose. To the fullest extent pern]illed by law, we do not accept or assume responsibility to anyone other than the ¢lwitable company and the haritable company's member5 as a kndy. for our audit wo.rt for this rep.or4 or for the op:illions we have fonned.:: Mark Jones FCA (Senior Statutory Auditor) for and on behalf of Xeinadin Audit Limited (statory Auditor) 24 LaTllm&s Street Carniarthen Cannarthenshire SA313AL Date: .... Page 9
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST LIMITED (THE) STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 31.3.24 Total funds 31.3.23 Total fimds Unrestricted Restricted fund Not&8 INCOMKANTrEI¥DOWMENTS FROM.... .... Donations and lega¢ies 132,758 132,758 124,921 Charitable activities Other Curatorial Services Grant Aided Work Other Archaeological Proje¢ts 16,666 16,666 425,406 191,136 25,923 401,199 209,975 425,406 191,136 Investment income 328 328 79 Total 340,888 425,406 766294 762,097 EXPENDITURE ON Charltable aetivities Other Curatorial Services Grant Aided Work Archaeological Service Provision Other Archaeological Projects Donation to merged entity 10,658 10,658 ' 387,698 23 418,668 606,531 387.698 23 243 411,564 37,476 268,759 418,425 606,531 Other (14,0) (14,000) 18,015 Total 1.021,614 387,964 1,409,578 735,814 NET INcOMEIIEXPEI1TuRE) Transfers between funds Other recognised gainsloosses) Actyarial gains on defined benefit schemes (680,726) 100.417 37.442 (100,417) (643,284) 26,283 16 466.000 466,000 636,222 et movement in funds (114,309) (62,975) (177,284) 662,505 RECONCILIATION OF FUNDS Totsl fjjnds brought forward 114J09 62.975 177,284 (485,221) TOTAL FUNDS CARIUED FORWARD 177,284 The notes forni part of these financial statements Page 10
GLAMORGAN-GWENf ARCHAEOLOGICAL TRUST LtNtTED (THE) (REGISTERED IYUMBEIL. 01276976) BALANCE SHEET 31 MARCH 2024 31.3.24 Totsl 31.3.23 Total fid$ fund FIXED ASSETS Tangible &8seLg 13 7.489 CURREiYf ASSETS Debtors Cash at baDk 14 133,348 101.418 234,766 CREDITORS Amounts falling due within on¢ y¢ar 15 (64,971) NET CURRENT ASSETS 169.795 TOTAL ASSETS LESS CURR LIABILITIES 177284 NET ASSETS 177.284 FUNDS Unrestticted fund5 RestrirAed fund5 16 114,309 62,975 TOTAL FUNDS 177.284 fisjancia statements were approved by the Board of TnLStets at¥J authorised for issue .Ju*.. and were signed on its behrby. Trustee The notas fonn part of thtse financial statements
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST LIMITED (THE) CASH FLOW STATEMENT FOR THE YEAR EIYDED 31 MARCH 2024 31.3.24 31.3.23 Notas Cash flows from operating activities Cash generdtedfrom.operations, Net Cash used In operating activities (104240) (18,372) Cash flows from investing activities Purchase of tangible fixed assets Sale of tangible fixed assets Interest received (5.846) 8340 328 (3,312) 79 Net cash provided byl(used in) investing acttviti¢s 2,822 {3,233) Change in cash and Cash equivaIents IJA the reporting period Cash and cash equivalents at the beginning of the reportlng period (101,418) (21,605) 101,418 123,023 Cash and cash equivalents at the end of the reporting period 101,418 The notes fonn part of these fmancial statements Page 12
GLAMORGAN.GWEiYf ARCHAEOLOGICAL TRUST LIllllTED (THE) NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF IYET IEXPENDITURE)IINCOME TO NET CASH FLOW FROM OPERATNG ACTIvrrtES 31.3.24 31.3.23 Net (expenditure)/income for the reporting perÈod (as per the Statement of Fillanclal Activities) Adjustments for: Depreciation Gharg& Loss on disposal of fixed assets Interest received Exceptional item Decrease in debtors Decrease in creditors Difference between pension charge and cash contributions (643284) 26,283 4,995 8,340 (328) 295,531 103,964 (64,971) 191,513 4292 (79) 34,076 (719,166) 636,222 Net cash used in operations (104,240) (18,372) AL¥4ALYSIS OF CHANGES IN NET FULYDS At 1.4.23 Cash flow At 31.3.24 et cash Cash at bank 101.418 (101,418) 101,418 (101,418) Total 101,418 (101,418) The notes forni part of these financial statements Page 13
GLAMORGAN-GWENT ARcHOLoGIcAL TRUST LIMITED (THE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY LYFORMATIOIY GlamoTgan-Gwent Archaeological Tn Ltd is a conwany limited by guarantee Incoorated in England and ,Wales. The registered office is Thecorner. House, 6 Carmartbett StreeL Llandeilo, Carnwthenshire SA19 6AE.. . .. ,. The financial statements are presented in Sterling (£), the charitys fimctional currency, and rounded to the nearest pound. The princtpal activities and nature of the charitys operations is to enl]on¢e the education of the public in arcbaeology. The sxgnificant accounting policies applied in the prepardtion of these fla1 statenThts are set out below. These policies have been consistently appIied to all yeats unless otherwise stated. ACCOtTNTIY4G POLIC BASIS OF PREPARING FINANCIAL STATEMENTS The fllwicial statements of the ¢lJaritable ci)mpany, Twhich is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities." Ststement of Reconlmended Prdctice applicable to cbartties preparing their accounts in accordance witb the Financial Reporting Standard applicable in the UK and Republic of ]Teland IFRS 102) (effective l January 2019),, Financial Reporting Standard 102 The Financial Reporting StsDdard applicable in the UK and Republic of Irelalld, and the Cornpanies Act 2006. The financial statements have been prepared under the bistori¢al cost convention. Going Concern On tbe 31 March 2024 the charity merged with The Trust for Welsh Archaeology. The trust is to be wound up and all of the charitgs assets and liabiliiies were transferred to The Tt for Welsh Ar¢ha¢olo8y, charity number 504616. This transfer is shown as an exception item within the accounts. Therefore the financial statements bave been prepared on the b&sis that GGAT is not a going concern COME All income is rrfognised in the Ststement of Financial Activilies once the cEthrity bas entitlement to the fijnds, it is probable tbat the income will be received and the amount can be measured re]iably. Liabilittes are re¢ognised as expenditure as soon &s there is a legal or coLstructive obligation ¢oJJ]mitting the chaTity to that expenditure, it is probable that a traLsfer of economic benefits will be required In settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headtngs that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. TANGIBLE FIXED ASSETS Dcpreciation is provided at the following annual rates in order to write off each asset over its estimated usefi life. Fixttwes and fittings Computer equipment 150/0 on reducing balance 33.33 % oll cost TAXATION The ¢harity is exempt from COoration tsx on its clwitable activities. Page 14 continued...
GLAMORGAN.GWENT ARCIIAEOLOGICAL TRUST LIMITED (THE) NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 AccoifNTING POLICIES - continued FUND ACCOUNTING ,Untestri¢ted fiuth,can be.used in acGotdancfrwith the cljaritable objectives at the disrtkon of the tntee8. ,. Restricted funds can only be used for particular restricted purposes vjithia the objects of the CIlty. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the natyre and purpose of each filnd is illched iu the notes to the financial staten]ents. HIRE PURCHASE AF4D LEASING COMlktTfMENTS Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. FINANCIAL llYSTRUMENTS The charity only financial a&sets and finan¢ial liabilities of a kind that qualify as basic fllwicial instrwnents. Basic fmancial instnllll¢nts are initially recognised at transaction valu¢ and subsequelltly measured at their settlement value. PENSION COSTS AND OTHER POST-RETIREMENT BEIYEFrrs The Trnst operates a Defined Benefit Pension Schen. This is a multi-ew)loyer pension scheme. The Tnt accounts for the pension asset under Financial A¢¢ounting StandaTd 102 (FRS102). The FRS102 asset figure has been calculated by the s¢heme actiiary as at 31st March 2024.. The Trust also operates a defined contributioll pension h¢Me. contributio payable trj the ¢lJaritys pension schem¢ are ¢harged to the Statement of Financial Activities in the period to which they relate. DONATIOIYS AIYD LEGACIES 31.3.24 31.3.23 Curatorial services UA support Donations and othei income 128,039 4,719 116,371 8,550 132.758 124,921 INVESTMELYT INCOME 31.3.24 31.3.23 Interest receivable 328 79 Page 15 continued...
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST LIMITED (THE) NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 INCOME FROM CHARITABLE AcfIviT]ES 31.3.24 31.3.23 Activity - Other" Curatorial,Servac .' Grants Othei projects Grant Aided Wodc Other Archaeological PrOjts 425,406 191,136 401,199 209,975 633,208 637,097 Grants received, included in the above, are as follow5: 31.3.24 31,3.23 CADW WAG WATT Grant 386,506 38,900 401,199 425,406 401,199 CHAllALE ACTIvfFIES COSTS Support costs (see note 7) Costs Totsls Other Curatorial Services Grant Aided Work Archaeological Service Provision Other Archaeological Proje¢ts Donation to merged entity 10,658 10,658 387,698 23 418,668 606,531 387,698 23 174,656 606,531 244.012 1,168,908 254,670 1,423,578 SUPPORT COSTS Governance costs managettllt Other Totals Other Curatorial Services Other Archaeological Projects 10,658 56,756 10,658 244,012 85.256 102.000 85,256 102,000 67,414 254,670 Page 16 continued...
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST LIMITED (THE) NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 NET INCOMDffjXPENDrruRE) .Netincomel¥(expendiÉuT&) is stated,afterobarging l. {erediting)". 31.03.24 31.03.23 Auditors, remunerdtion Depreciation- ONed assets Hire of plant and ma¢hinery Other operating leases 6,000 4,995 1,065 257 6,300 4,291 8,654 5,308 TRUSTEESI REMUNERATIOIY AM) BENEFITS There were no trustees, remuneration or other b¢n¢fits for the year elld 31 March 2024 nor for th¢ year ended 31 Mah 2023. TRUSTEESI EXPENSES There were no trustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. io. STAFF COSTS 31.3.24 31.3.23 Wages and salaries Social security Costs Other pension costs 456,114 41,921 25,815 491,581 45,524 20,696 523,850 557,801 The average monthly number of employees during the year vrds as follows: 31.3.24 31.3.23 Administration Archaeological 19 18 22 21 No employees received emolumellts in excess of £60,000. Page 17 continued...
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST LIMITED (THE) NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 ii. EXCEPTIONAL ITEMS On the 31 March 2024 the CTr1ty merged with The Tnt for Welsh Archaeology. The trust Is to be wound up . .and all of the charitys assets and Itabilities were tsansferred to.the The TnLSt for Welsh.Archaeology. .charity. , number 504616. The donation nthde totalled £606,531. This transfer is shown as an exceptional item within the fll)ancial ststements. 12. COMPARATIVES FOR THE STATEMENT OF FINANCJAL ACTIVTfLES Unrestricted Restricted fimds Total funds ¥COME AI¥D ENDOWMENTS FROM Donations and legacies 124,921 124,921 Charitable activities Other Curdtorial Services Grant Aided Work Other Archaeological Projects 25,923 25,923 401,199 209,975 401,199 209,975 Investment income 79 79 Tot21 360,898 401,199 762,097 EXPEI¥4DTfuRE ON Charitable activities Grant Aided Work Archaeological Service Provision Other knhaeological Projects 411.564 37,476 411,564 37,476 268,759 268,759 Other 565 17,450 18.015 Total 269,324 466,490 735,814 ET INCOMEIIEXPEIYDfiuRE) Transfers between funds Other recognised gaillsI(losses) Actuarial gains on defined benefit schemes 91,574 (8264) (65291) 8,264 26,283 636,222 636,222 Net movement in funds 719,532 (57,027) 662,505 RECOIYCILtATIOI¥4 OF FUNDS Total fimds brought forward (605223) 120,002 (485221) TOTAL FUNDS CARIiIED FORWARD 114.309 62,975 177284 Page 18 continued...
GLAMORGAN-GWENT ARCIIAEOLOGICAL TRUST LIMITED (THE) NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 13. TANGIBLE FIXED ASSETS Fixthes Computer fittings ¥•. equipment,..•* .,ToÈals .,. COST At l April 2023 Additions Disposals 24,911 49.410 5,846 (55,256) 74,321 5,846 (80,167) (24,911) At 31 Mah 2024 DEPRECIATION At l April 2023 Charge for year Elinjinated on disposal 24,911 41.921 4,995 (46,916) 66,832 4,995 (71,827) (24,911) At 31 March 2024 NET BOOK VALUE At 31 March 2024 At 31 March 2023 7,489 7,489 14. DEBTORS: AMOUNTS FALLING DUE WITH¥ OIYE YEAR 31.3.24 31.3.23 Trade debtors Amounts recoverable on ¢ontra¢t Prepayments and accrned income Prepanents 55,902 29,384 38,901 9,161 133,348 Page 19 continued...
GLAMORGAN-GWENT ARCIIAEOLOGICAL TRUST LIMITED (THE) NOTES TO THE FINANCtAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 15. CREDITORS: AMOUNTS FALIJNG DUE W[TH OIYE YEAR 31.3.24 31.3.23 -,Trndtrcreditor&" Social security and other t&x&s VAT Pension creditor Accruals and deferred income 10,485 . 13,749 23,140 2,571 15,026 64,971 16. MOVEMEIYT IY4 FUNDS Net movement An fimds Transfers between fun(ts At 31.3.24 At 1.4.23 Unrestricted funds General fund 114,309 (214,726) 100,417 Restricted funds Cadw Youth Volunteering Grant Youth Heritage Fund Culture Recovery Funding Welsh Government WATT Grant 2,161 (2,161) (3,990) (1,727) (18,506) (74,033) 3,990 1,727 18,772 38,486 (266) 35,547 62,975 37,442 (100,417) TOTAL FUNDS 177,284 (177284) Net movement in fimds, included in the above are as follows: Incoming Resources resources expended Gains and losses Movement in fuuds Unrestrlcted funds General fimd 340.888 (1,021.614) 466,000 (214,726) Restricted funds Cadw Culttwe Recovery Funding Welsh Government WATT Grant 386,506 (384,345) (266) (3,353) 2,161 (266) 35,547 38.900 425.406 (387,964) 37,442 TOTAL FUNDS 766,294 (1,409,578) 466,000 (177,284) Page 20 continueiL..
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST LIMITED (THE) NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 16. MOVEMEiYf IN FUNDS - conlinued Comparatives for movement in funds Net movement in fimds Trnnsfers between fimds At 31.3.23 At 1.4.22 Unrestricted funds General fund (605223) 727.796 (8,264) 114,309 Restricted funds Cadw Youth Volunteering Grant Youth Heritage Fund Culre Recovery Funding Welsh Government WAT[ Grant (3,672) 3.990 1,727 56248 61,709 (4,592) 8,264 3,990 1,727 18,772 38,486 (37,476) (23223) 120,002 (65291) 8.264 62,975 TOTAL FUM)S (485.221) 662,505 177284 Comparative net movement in fimds, included in the above are as follows: Incoming re50urc&s ResoU¢S Gains and expended 10&8es Movement in funds Unrestricted funds Generdl fund 360.898 (269,324) 636,222 727,796 Restricted funds Cadw Culture Recovery Funding Welsh Govenlment WATT Grant 401,199 (405.791) (37,476) (23223) (4,592) (37,476) (23,223) 401,199 (466.490) (65,291) TOTAL FUNDS 762,097 (735.814) 636,222 662,505 Page 21 continued...
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST LIMITED (THE) NOTES TO THE FINIINCIAL STATEMENTS - eontinued FOR THE YEAR ENDED 31 MARCH 2024 16. MOVEMENT IN FUNDS - continued A current year 12 months and prior year 12 months combined position is as follows: Net movement in fijnds Transfers between funds At 31.3.24 At 1.4.22 Unrestricted funds General fund (605223) 513,070 92.153 Restricted funds Cadw Youth Volunteering Grant Youth Heritage Fund Culture Recovery Funding Welsh Government WATT Grant (3,672) 3,990 1.727 56248 61.709 (2,431) 6,103 (3.990) (1,727) (18,500 (74.033) (37,742) 12,324 120,002 (27,849) (92,153) TOTAL FUNDS (485,221) 485,221 A current year 12 months and prior year 12 Mont combined net movement in fund4 in¢Euded in the above are as follows: Incoming Resources Gai$ and losses Movement in fid$ Unrestricted funds Generdl fjjnd 701,786 (1290,938) 1.102,222 513,070 Restricted funds Cadw Culture Recovery Funding Welsh Government WATT Grant 787,705 (790,136) (37,742) (26,576) (2,431) (37.742) 12,324 38,900 826,605 (854,454) (27,849) TOTAL FUFIDS 1,528,391 (2,145392) 1,102,222 485,221 Grants received from Cadw: Welsh Historic Mollunnts are subject to specific conditions, including a requirement that a separate audited account be submÈtted on a project by project basis. Grants from tbis source and corresponding expendiiure are therefore treated as Restri¢ted Funds. Cadw grants are awarded for specific projects as by Cadw in their offer of grant each year. The fimds are to enable the Trust to: Conserve and protect the historic environment of Wales including tbreat-related arcbaeological recordiags, surveys. assessments, excavatioDs and watcbing briefs; to identify historic assets of natiojjal importance. to provide curatorial services related to the regional Historic Environmental Record, including platJDing advisory services" to promote public understanding and appreciatson of the Welsh Heritage. and to support commuwty engagement with the histori¢ environmenL Page 22 continued...
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST LIMITED (THE) NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 16. MOVEMENT IN FUNDS - continued Grants to support encouragetnent of Youth Volunteering llde by the Welsh Council for Voluntary Action under the Gllryrvol initiative Vre awarded for specific pury)oses. The Youth HeTÈtage Fund was established as part of the charitable conipangs 40th Anniversary celebrations. The purpose of the fund is to Cary out or support projects that ejvdage young persons with heritsge ans in particular archaeology. The cultural Recovery Fund and Welsh Archaeologic Trusts Transition Grants received from Welsh Goven]ment and administered by Cadw are restricted for specific puose$. The Cultural Recover Grant was made to support Cultural Organisations but to build up future resilience. The Welsh Archaeological Trusts Transition Grant is provided to support legal and admitratiVe costs in exploring and progressing a possible Anerger of the four Welsh ahae01OglCal trusts into a Dational Welsh archaeological trust. The grnnt was made to the Glamorgan-Gwent knhaeological Trust as the applicant but sllpp) the collective endeavour in this matter of the four WeIsh Archaeological TnLSts. 17. EMPLOYEE BENEFIT OBLIGATIONS Th¢ Tnt is a rnember of a d¢fined benefit penskon s¢hell operated for the benefit of the employees of a number of archaeological organisations. called The Archaeological Organisations Pensions {AOP) Schejne, which requires contributions to be made to a separately administered pension funLt The latest full actuarial fijnding valuation was Undertaken by Rachael Mills FW as at 5 April 2021. In valuing the scheme, tl)e ACW used the projected uoit nl7MI FRS102 calculations bave been made to determine the figures Tecognised below. The pension schen]e is a multi-employer s¢henK and is shared by three other charities. As part of tbe next triennial actiwial valuation as at 5 April 2024, as yet not finalised the Archaeological OrganisaÉion Pension Scheme has elltharked on a review of the scheme nlles, which includes reviewing the validity of past de¢tsions. A potential ambiguity is under discussion with the scheme's lavryers. The likelihood and quantum of any liabtlity on the employers is unclear. The main &ssumptions used in the actuarial valuations are as follows: 2024 4.800/0 3.30% 2.90Yo 3.20% S3PxA (CMD 2021 projections with 2023 4.700/. Discount rate RPI price intlation CPI price inllation Rate of increase in pensions in payment (1Tr15) 3.400/0 S3PxA (CMI) 2021projections with 1.250/oLTR Post retirement mortality The major categories of scheme ats are as follows: 2024 2024 2023 2023 Equities Bonds Alternative Annuities 301,000 1,116,000 31.90/0 1,155,000 32.90/0 486,000 13.99/0 1,200,000 35.40/0 791,000 23.30/0 519,000 475,000 Page 23 continue¢l..
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST LIMITED (THE) NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 17. EMPLOYEE BENEFrr OBLIGATIONS - eonlinued Cash 97,000 2.70/. 350,000 10.0/0. 305,000 Propety 99,000 3,505,000 100.00/0 3,389,000 100.00/0 The movement in suTplus during the year is as follows: 2024 2023 Present value of fvnded obligations Fair value of plan assets 3,055,000 (3,505,000) 3,078,000 (3.389,000) Net defined benefit (asset)/ liability (450,000) (311,000) The change in benefit obligation during the year is as follows: 2024 2023 Liability at the start of the period Current service costs Interesl on pension liabilities Members contributions Actuarial (gains)110sses on liabilities Curtailments Settlements Benefits paid Past service cost 3,078,000 4265,000 141.000 113,000 (5,000) (1,176,000) (159,000) (124,000) Liability at the end of the period 3,055,000 3,078,000 The change in the plan a&sets during the year is as follows: 2024 2023 Fair value of plan assets at the start of the period Interest income Actuarial gains/(losses) on assets Non investn]ent expenses Curtailments Settlements Employer contributtons Member contnl)utions BeJefitsltransfers paid 3.389,000 155,000 150.000 (102,000) 3,575,000 96,000 (215,000) (11,000) 72,000 68,000 (159,000) (124,000) Fair value of plan assets at end of period 3,505,000 3,389,000 Page 24 continued...
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST LIMITED (THE) NOTES TO THE FINANCIAL STATEMENTS - Continued FOR THE YEAR ENDED 31 MARCH 2024 17. EMPLOYEE BENEFrr OBLIGATIONS - continued Analysis of return on plan assets Interest income Actuarial (Ioss)/gain on on plan assets 155,000 150,000 96,000 (215,000) Rettwn on plan a&sets 305,000 (119,000) Analysis of an]ounts reLognised in the Statement of Financial Activiti&s: 2024 2023 Current servÉce costs Past service costs Administration expenses Net interest cost 102,000 (14,000) 11,000 17,000 88.000 28,000 Total costs recognised in SOFA 18. ULTIMATE PAREI¥IT COMPANY Ultitnale Control is exercised by the Management Committee. which is a delegated con]nllttee of the Board of Trustees, together with the Chief Executive. 19. RELATED PARTY DISCLOSURES The Glamorgan-Gwent Ar¢haeological Trust Ès a Trustee of the GGAT HER Clwitsble Tn¢ which Wds created on 3 1st January 2008. 20. COMPANY LIMITED BY CUARANTEE The company is limited by glantee. each membees liability is lin)ited io £1 on winding up of the company. Page 25 continued...
GLAMORGAN-GWENT ARCHAEOLOGICAL TRUST LIMITED (THE) NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 MARCH 2024 21. STATUS AND TAXATION The trust is registered under the Con4)anies Act 2006 and is a Cojnpany Limited by guarantee not having a Sbare Capital. No pmvision for CorpoTation Tax bas been made as the T.nt is aliegistettd Clwity. 22. OPERATING LEASE COMMrrMENTS The total of future nLinimum lease payments under non-cancellable operaliDg leases are as follows: 2024 2023 Due within l year Due 1- 5 years 16,800 4,200 21,000 Page 26